i'm going to stop the subsidy to bpbs, and i love pbs, love big bird, love you too, but i'm not going to spend money on things to borrow money from china to pay for. that's number one. i'll take good programs that i think would be run more efficiently at the state level and send them to the state. number three, i'll make government more efficient, cut back the firm of employees, combine some agencies and the presidents. my cutbacks would be done through attrition, by the way. this is the approach we have to take to get america to a balanced budget. president said he'd cut the deficit in half. unfortunately, he doubled it. trillion dollar deficits for the last four years. the president's put it in place as much public debt, almost as much debt held by the public as all prior presidents combined. >> moderator: mr. president, two minutes. obama: when i walked into to value office, i had more than a trillion dollar deficit greeting me, and we know where it came from. two wars that were paid for on a credit card, two tax cuts that were not paid for, and a whole bunch of programs that were